Uber approved SoftBank Group Corp.’s offer to buy a multibillion-dollar stake in the ride-hailing company

United States

11/13/2017

Bloomberg Law

Legal Market

• Uber approved SoftBank Group Corp.’s offer to buy a multibillion-dollar stake in the ride-hailing company, setting the stage for one of the largest private startup deals ever. As part of the deal, venture capital firm Benchmark agreed to put its lawsuit against Uber co-founder Travis Kalanick on hold and drop the complaint when SoftBank’s investment and the governance reforms kick in. (Bloomberg)

• Colgate-Palmolive Co. agreed to settle a lawsuit claiming its talcum-powder products caused a Pennsylvania woman to develop mesothelioma, a fatal lung disease tied to asbestos exposure. The settlement comes as a growing number of talc users accuse manufacturers such as Colgate-Palmolive and Johnson & Johnson of failing to warn consumers that their body powders pose a cancer threat. (Bloomberg)